US mortgage rates see biggest drop in over a decade

The average 30 year mortgage rate plummeted this week by 22bp from 4.28% to 4.06%, according to Freddie Mac data, the largest weekly drop since the fourth quarter of 2008.

Treasuries have rallied since the Federal Reserve last week abandoned plans to hike interest rates this year, and markets have even begun pricing in a rate cut for 2019. 10 year Treasury yields, which are closely correlated with the cost a mortgage, have dropped more than 20bp over
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